Addus HomeCare Corp (ADUS) FY2025 10-K Annual Report
Addus HomeCare Corp (ADUS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Addus HomeCare Corp FY2025 10-K Analysis
Business Overview
- • Core business: Home-based care services including personal care, hospice, and home health primarily for dual-eligible Medicare and Medicaid consumers
- • New emphasis: Expansion of clinical care services and full integration of personal care, hospice, and home health in Ohio, Tennessee, Illinois, and New Mexico
- • Strategic shift: Increased focus on partnering with managed care organizations amid shift from fee-for-service to managed care models with narrower networks
- • Quantitative highlight: Net service revenue $1.423B in 2025, up 23% from $1.155B in 2024; served ~107,000 consumers through 262 offices in 23 states
- • Noteworthy fact: Completed four acquisitions in 2025 adding $11.8M revenue, shifting toward market expansion targeting fiscally managed states with favorable minimum wage environments
Management Discussion & Analysis
- • Revenue $1.423B in 2025, up 23.2% YoY from $1.155B in 2024; personal care +$232.6M, hospice +$34.4M, home health +$0.9M
- • Operating margin 9.7% in 2025 vs 8.9% in 2024; gross margin steady at 32.5% both years
- • Best performing segment: personal care revenue +27.2% to $1.089B; worst: home health +1.3% to $70.8M
- • Net income $95.9M (6.7% margin), up 30.3% from $73.6M (6.4% margin) in 2024
- • Interest expense $13.6M vs $7.7M (borrowings increase); income tax rate 24.7% vs 25.9%
- • Capital allocation includes acquisitions totaling ~$385.8M (Gentiva $353.6M, Helping Hands $21.4M, others); no cash flow, buyback or dividend details disclosed
- • Management highlights reimbursement rate increases in Illinois and Texas for 2026; notes risks from Medicaid funding changes and regulatory uncertainties
- • Gain on New York divestiture $3.7M recorded in 2024; no similar gains in 2025
Risk Factors
- • Variable interest rates on $124.3 million revolving loan with $8.5 million interest payable within 12 months at 5.48% as of January 2026
- • Inflation-driven wage increases impacting caregiver labor costs amid tight labor market and limited fee rate increases from government programs
- • Fixed lease obligations totaling $59.5 million, with $15.8 million payable within 12 months affecting cash flow and operational flexibility
Addus HomeCare Corp FY2025 Key Financial MetricsXBRL
Revenue
$1.4B
▲ +23.2% YoY
Net Income
$96M
▲ +30.3% YoY
Gross Margin
32.5%
▼ -1bp YoY
Operating Margin
9.7%
▲ +85bp YoY
Net Margin
6.7%
▲ +37bp YoY
ROE
8.8%
▲ +125bp YoY
Total Assets
$1.4B
▲ +1.7% YoY
EPS (Diluted)
$5.22
▲ +23.4% YoY
Operating Cash Flow
$112M
▼ -4.2% YoY
Source: XBRL data from Addus HomeCare Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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